Rents are rising at the fastest pace in almost two years

FRESNO, Calif. (KFSN) -- If you are looking for an apartment in the Fresno area, you might be surprised at just how high rents have climbed.

The average price for a two-bedroom in Fresno is about $1000 a month.

A recent report by Rentanomics shows Fresno ranked 17th nationally with a year over year rent growth of 2.9 percent, which is just about double the national average.

"This a demand market right now that we're trying to meet with supply," said CAA Senior Vice President Greg Terzakis.

According to Terzakis, the numbers are not surprising and in many ways, it shows the economy is getting stronger.

"Mayor Brand has done very good at attracting jobs like Amazon and Ulta, so you have people who have been living at home with their parents or roommates that are able to move out and find their own place whether it's the purchase of a single-family home or rent an apartment," said Terzakis.

The dilemma many families are finding is there's a low inventory when it comes to rental properties right now.

Locally and across the state, experts say homebuilding has not kept up with population growth.

"In the last 15 years California has built 3.4 million units fewer than they needed to build," said Terzakis.

According to Terzakis the only way to solve the housing conundrum is to build their way out of it.

By all accounts Fresno is doing just that -- but it is going to take some time.

"If you look all around Fresno-north, east, south, and west to going to see development single residential and multi-family so we think that will slow the rent increases significantly in the next year or so," said Terzakis.